Soul Htite
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Soul Htite[edit]
Soul Htite is an American entrepreneur, investor and business executive. Htite is a co-founder of the fintech company Upgrade, an American neobank.[1] Prior to co-founding Upgrade, Htite co-founded and served for six years as the CEO of Dianrong, an online Chinese peer-to-peer lending company.[2][3] Before Dianrong, he co-founded and served as Head of Technology for LendingClub [LC/NYSE] the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market.[4] In 2015, Htite was the lead investor in a $10 million Series A funding round for Credible, a multi-lender student loan marketplace.[5]
Career[edit]
Oracle[edit]
From 1995 to 2007, Htite worked as a enterprise software senior developer at the software development Oracle in San Francisco, California. In 2005, Htite met Renaud Laplanche who was the Head of Product Management, Search Technologies at Oracle.[3]
LendingClub[edit]
In 2006, Htite co-founded LendingClub with LaPlanche and served as the Head of Technology.[1][2] He led all the design and technology development efforts of LendingClub's online platform. LendingClub was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. In 2014, LendingClub was the world's largest peer-to-peer online lending platform valued around $4 billion.[6] LendingClub first launched on Facebook to leverage existing connections among users for testing users' trust and willingness to help one another financially, and to gather user feedback about the new service.[7] At that time, LendingClub was one of Facebook's first applications.[8] In 2009, the company received $12 million in funding led by Morgenthaler Ventures.[9] By 2012, the company had raised nearly $90 million in five rounds of venture capital funding. LendingClub completed its IPO on December 10, 2014 at a price of $15 per share.[10] The stock price increased 56% on its first day of trading.[11]
Dianrong[edit]
In 2012, Htite went to China to found Dianrong (prev. SinoLending), an online peer to peer lending company headquartered in Shanghai.[12][13][3] Dianrong has been called “the LendingClub of China.”[14][3] In 2016, Dianrong was an early member of the Hyperledger Project, an umbrella project of open source blockchains started in December 2015 by the Linux Foundation.[15] In 2017, Dianrong raised $220 million from Singapore sovereign fund GIC Private Limited and other investors to fund R&D.[16][17] Htite was the co-CEO of Dianrong until December 7, 2014 when he became the executive chairman.[18]
TrueNorth[edit]
In 2015 Htite co-founded TrueNorth, an American software development company that specializes in fintech, with former Oracle colleague Alex Gonikman, CEO of TrueNorth. Htite is currently the Chairman of TrueNorth.
Upgrade[edit]
In August 2016, Htite co-founded neobank Upgrade along with other former LendingClub executives.[19][20] The company provides credit and mobile banking products. In November of 2021, Upgrade raised $280 million in a Series F funding three months after closing a Series E funding of $105 million in August which put its valuation at unicorn status.[21][22] Htite is a Senior Advisor to Upgrade.
Assured Asset Management[edit]
In 2019, Htite founded Assured Asset Management, a Hong Kong-based asset management company that connects Asian investors to US assets.
Valt[edit]
In 2020, Htite founded Valt, an enterprise software company that provides financial institutions with a vetted partner network for operating in the private markets.
Recognitions[edit]
Awarded Technology Pioneer Winner in 2012 by the World Economic Forum who noted, "Lending Club bypasses traditional banking to pioneer peer-to-peer financing."[23]
Personal Life[edit]
Htite lives in New York City.
References[edit]
- ↑ 1.0 1.1 Irrera, Anna (April 6, 2017). "Former LendingClub CEO Renaud Laplanche launches new online lender". Thompson Reuters. Reuters. Retrieved 29 August 2022.
- ↑ 2.0 2.1 Ren, Daniel (September 14, 2015). "Soul Htite, the man who wants to shake up China's banking system". South China Morning Post.
- ↑ 3.0 3.1 3.2 3.3 Levy, Ari (December 18, 2014). "Dianrong: The start-up that's building China's banking system". CNBC. Retrieved 29 June 2022.
- ↑ "Peer lending goes to market". SEC.gov. October 29, 2008.
- ↑ Crook, Jordan (September 30, 2015). "Credible, The Marketplace For Student Loans, Closes $10 Million Series A Funding". TechCrunch. Retrieved 20 July 2022.
- ↑ Lorenzetti, Laura (August 27, 2014). "Lending Club, the world's largest peer-to-peer lender, files for an IPO". Fortune. Retrieved 14 July 2022.
- ↑ Kaplan, Dan (May 24, 2007). "Lending Club brings person-to-person loans to Facebook". VentureBeat. Retrieved 14 July 2022.
- ↑ Barrett, Victoria (December 2, 2010). "Making Personal Loans For Fun And Profit". Forbes. Forbes. Retrieved 15 July 2022.
- ↑ "Lending Club gets a $12 million Credibility Boost". TechCrunch. March 19, 2009. Retrieved 29 August 2022.
- ↑ "Online peer-to-peer banker LendingClub's IPO priced at $15/shr". Reuters. December 10, 2014. Retrieved 14 July 2022.
- ↑ Whitehouse, Kaja (December 11, 2014). "LendingClub shares debut to 56% stock rise". USA Today. Retrieved 19 July 2022.
- ↑ Malloy, Christopher J.; Cohen, Laura H.; Woo, Anthony K. "Dianrong: Marketplace Lending, Blockchain, and "The New Finance" in China". Harvard Business Publishing. Harvard Business Publishing. Retrieved 26 August 2022.
- ↑ Wang, Yue (December 16, 2015). "From Lending Club To China: Soul Htite Builds Top Chinese P2P Lending Site Dianrong". Forbes. Retrieved 19 July 2022.
- ↑ Steinberg, Julie; Trivedi, Anjani; Yap, Chuin-Wei (December 4, 2017). "Chinese Online Lender Dianrong Eyes IPO As Soon As 2018". DJComProd. Dow Jones. Retrieved 20 July 2022.
- ↑ "China's Peer to Peer Lending Meets Blockchain as Dianrong Joins Hyperledger Project". CCN. Retrieved 14 July 2022.
- ↑ Barreto, Elzio Barreto (August 2, 2017). "Singapore's GIC leads $220 million funding round for Chinese P2P lender Dianrong". Reuters. Reuters. Retrieved 14 July 2022.
- ↑ "Chinese P2P firm Dianrong raises $220 million from investors led by Singapore wealth fund GIC". CNBC. August 2, 2017. Retrieved 14 July 2022.
- ↑ "Dianrong shakes up leadership ahead of IPO". Finance Asia. December 7, 2017. Retrieved 20 July 2022.
- ↑ Irrera, Anna (April 6, 2017). "Former LendingClub CEO Renaud Laplanche launches new online lender". Reuters. Retrieved 20 July 2022.
- ↑ Bowman, Louise (October 10, 2017). "Fintech: LaPlanche looks to upgrade marketplace lending". EuroMoney. Retrieved 15 July 2022.
- ↑ Dillet, Romain (November 16, 2021). "Credit-focused company Upgrade raises $280 million at $6 billion valuation". TechCrunch. Retrieved 15 July 2022.
- ↑ Tan, Jillian (June 24, 2021). "Fintech Unicorn Upgrade Eyes New Funding at $3 Billion Valuation". Bloomberg. Retrieved 29 August 2022.
- ↑ "Technology Pioneers 2012". World Economic Forum. p. 56, 57, 58. Retrieved 15 July 2022.
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